Promotions over the Christmas season boosted revenue at Matalan, but its earnings slipped and it expects to report lower overall profits.
The discount retailer said that total revenue had risen by 4% to £148m in the five weeks to December 29, helped by a 33.3% surge in online sales and a 1.6% rise in shop sales. This came after a third-quarter performance in which total revenue rose by 4.9% to £308.2m in the 13 weeks to November 24.
However, a season marked by heavy discounting by rivals and currency headwinds resulted in Matalan’s third-quarter earnings slipping from £44.9m the year before to £40m.
